The Real Deal New York

Two Trees just nabbed a $100M loan for the home of Vice Media in Dumbo

Wells Fargo refi includes new $54M mortgage
By Eddie Small | September 13, 2017 05:02PM

Two Trees Management’s Jed Walentas and 55 Washington Street in Dumbo (Credit: Michael McWeeney and Two Trees)

Two Trees Management is refinancing its office building at 55 Washington Street — home of Vice Media — to the tune of $100 million.

The loan, which comes from Wells Fargo, includes a $54 million mortgage and consolidates prior debt on the property from HSBC Bank.

The building is 448,300 square feet overall, and tenants in addition to Vice include Equinox Fitness and Flocabulary. Vice occupies about 74,000 square feet of the building, while the Equinox Fitness gym occupies 22,000 square feet. Flocabulary, which uses music to teach math and history, takes up 9,340 square feet.

Much of the recent real estate activity in Dumbo has centered on Jehovah’s Witnesses selling off its vast holdings in the neighborhood. Aby Rosen recently paid $135 million for the church’s former hotel at 90 Sands Street, and Kushner Companies, CIM Group and LIVWRK are planning a 21-story residential building at the church’s former site at 85 Jay Street.